NetApp: Solid Margins, Cash Flow and Operating Leverage
Sunnyvale – NetApp reported financial results for the fourth quarter and fiscal year 2020, which ended on April 24, 2020.
The highlights:
- NetApp cloud data services annualized recurring revenue of approximately $111 million, an increase of 113% year-over-year
- All flash array annualized net revenue run rate of $2.6 billion
- Consolidated GAAP gross margin of 66.9% in fiscal year 2020; non-GAAP gross margin of 67.9%
- $1.06 billion in cash provided by operations in fiscal year 2020; $936 million in free cash flow
- $1.85 billion returned to shareholders in share repurchases and cash dividend in fiscal year 2020
“During this unprecedented situation, our priority has been supporting our employees, customers, partners, and communities. Despite the challenging environment, we delivered solid gross margin, cash flow and operating leverage in the fourth quarter. Our cloud business grew substantially and our new customer acquisition districts again performed well.” said George Kurian, chief executive officer. “The strength and resiliency of our business model enables us to continue to execute our strategy while navigating a range of potential demand environments. While we cannot predict when the world will return to normal, the enduring importance of data is clear. We are confident that the demand for our products and services will be strong as we emerge from this crisis.” (NetApp/mc)
